Home Afrika has posted the first full year net profit since 2014. The real estate company realized a net profit of Sh133 million for the full year ended December 2024. This was an improvement from the Sh27.8 million loss that the company had posted in the previous full year.
This profit has been attributed to a higher turnover after revenue from contracts with customers increased from Sh377.1 million in 2023 to Sh781.9 million in 2024.
“The turnaround saw a number of leases registered from the Migaa project, strategic recognition of deferred income from completed projects and the continuous issuance of titles from the smart plots projects,” the company said in a statement.
“In 2024, Home Afrika Limited experienced a resilient turnaround amidst Kenya’s evolving real estate landscape in a year marked by economic headwinds and sectoral shifts. The company emerged with a compelling turnaround story, underscoring resilience, strategic foresight and adaptability.”
Man deported by Uhuru gets multi-billion Ruto affordable houses deal
During the year under review, the company diversified its income streams after completing the 18-hole golf course in Kiambu. This golf course received a rating from the Kenya Union of Gold, which resulted in a significant increase in the number of tournaments and golfers paying user fees.
However, Home Afrika’s administrative expenses shot up from Sh80.2 million to Sh136.5 million after the firm increased its marketing and promotional activities.
The company did not recommend a dividend payout and ended the year under review at a negative equity position of Sh2.3 billion.
“The board remains confident in the firm’s long-term strategy to return to profitability and create value for investors,” he firm said in the statement.
On the Nairobi Securities Exchange, the firm’s counter has been trading as a penny stock with a one year high of Sh1.12 per share and a one year low of Sh0.29 per share. The counter ended the day at an average of 75 cents per share on Friday May 2, 2025 when it released its 2024 full year financial results.
